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kaylyn is a 40% partner in the kkm partnership. during the current year, kkm reported gross receipts of $160,0000 and a charitable contribution of $10,000. the partnership paid office expenses of $100,000. in addition, kkm distributed $10,000 each to partners kaylyn and kristie, and the partnership paid partner megan $20,000 for administrative services. kaylyn reports the following in come from kkm during the current tax year.
a. $4000 ordinary income
b. $12,000 ordinary income
c. $8000 ordinary income; $4000 charitable contribution
d. $16,000 ordinary income; $4000 charitable contribution
e. none of the above
Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.
Davie Corporation is preparing its Manufacturing Overhead Budget for the fourth quarter of the year. The budgeted variable factory overhead rate is $6.00 per direct labor-hour; the budgeted fixed factory overhead is $92,000 per month, of which $16..
An investment that costs $30,000 will produce annual cash flows of $10,000 for a period of 4 years. Given a desired rate of return of 8%, the investment will generate a (round your answer to the nearest whole dollar).
Transfer title of their personal home to Barbara. They purchased the house in 1998 and their basis today is $400,000. The fair market value of the house is $500,000. The house is subject to a 25-year, $250,000 mortgage.
Generally, companies follow one of two broad strategies: offering a quality product at a low price, or offering a unique product or service priced higher than the competition. Assume you are opening a small food outlet across the street from your cam..
A company's current assets are $150 and its' current liabilities are $100. If the company uses cash to retire notes payable due within one year, would this transaction increase or decrease the current ratio and return on assets ratio?
real property taxes $3,900 interest on home mortgage 4,000 operating expenses of home 1,100 depreciation allocated to 20% business use 1,600 Christine's income from consulting is 16,000, and the related expenses are $5,000.
The floor space of Rocky's residence is 2,500 square feet, and he estimates that 20% of this is devoted exclusively to the repair business. Gross income from the business is $12,000, while expenses (other than home office) are $5,000. Expenses rel..
What are Jamestown's options regarding the treatment of these three customers? Based on this initial customer profitability analysis, what action do you recommend Jamestown take with each of these three customers?
On December 31, 2011, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. For the year 2011, how should t..
To which group can a CPA provide audit documentation without being subpoenaed and without the client's consent?
An amortization schedule for bonds issued at a premium: A. Summarizes the amortization of the premium, a contra-asset account with a credit balance. B. Is reported in the balance sheet.
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